Bank MD arrested for N11bn fraud

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The Managing Director of Platinum Multi-purpose Cooperative Society Limited and Smart Micro Limited, Mr. Michael Obasuyi, has been taken into custody by the Economic and Financial Crimes Commission, on suspicion of stealing N11.4bn, property of the bank.

Read Also: MICROFINANCE BANK MD DETAINED IN PRISON FOR STEALING N14.5M WITH OTHERS

Obasuyi, according to a statement released by EFCC’s spokesman, was the first person to lodge complaint with the anti-graft agency against a mobile electronic payment provider firm in a petition in March.

But following a counter-petition against Smart Micro Limited, and him in which he was accused of fraud, the EFCC said from its investigation, the Bank MD was guilty as charged, and went on to list some of the properties he acquired with the proceeds of crime, among which are: 134 buses for his transport company, the popular Platinum Cruise Transport Company. and 20 houses.

The statement read in part: “The commission, in the course of investigation recovered a paper version of the programme called MicroSwitchServer1, which he allegedly used to create and post the imaginary monies.

“He also admitted to have diverted to his personal use N7, 519, 381, 202 out of N11, 498,944,038.29. “The Commission has so far recovered N2, 903,727,563.92, $37, 992.87 and 18,538.09 found in Obasuyi’s accounts in various banks in the country.

“Also, a total of 20 properties located in various parts of Edo, Rivers and Lagos States and Abuja, worth several millions of Naira, have been traced to Obasuyi, which were acquired with proceeds of crime. “Obasuyi, who also admitted to have purchased 134 buses from the proceeds of crime, runs the popular Platinum Cruise Transport Company.

“He will soon be charged to court as soon as investigations are concluded.”

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